The Nathan Cummings Foundation

Legacy Project, Inc.

To support the first step in the research and writing of Beyond "Rational Expectations": Toward a Reconstruction of Macroeconomics and Policy Analysis, a book whose purpose is to reconstruct macroeconomics and policy analysis without using the "Rational Expectations Hypothesis" (REH). This project is timely in view of the nearly universal acceptance of REH by economists and the REH's failure to explain observed market dynamics and experiential consequences of government policies.